Three Arrows Capital and Crypto.com Capital Back WOO Network in $30 Million Round

The WOO Network raised $30 million in a Series A funding round, with participation from Three Arrows Capital, Crypto.com Capital, Avalanche Foundation and other investors, ForkLog has learned from project representatives.

The amount raised exceeded expectations by a factor of two. Some of the funds will go toward global expansion. WOO Network will open a regional R&D office in Warsaw.

Investments will also be used to expand the product lineup to crypto derivatives, social trading, and DeFi products, aimed at trading and yield enhancement.

The WOO Network comprises the centralized trading platform WOO X, the decentralized exchange WOOFi, and the institutional client solution WOO Trade.

From early 2020 to October 2021, the network’s trading volume grew from $20 million to $1 billion per day. In mid-September, the average daily volume reached a record high of $2.6 billion.

Earlier in September 2021, Three Arrows Capital, together with Polychain led the Avalanche Foundation funding round of $230 million.

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